Western Union Launches High-Value Digital Account-to-Account Transfers from U.K. to Around the World

The Western Union Company, a leader in global cross-border,
cross-currency money movement, today announced its foray into the
multibillion-dollar bank account-to-account money transfer sector for
consumers, by launching high-value digital transfers from the United
Kingdom to around the world.

Consumers in the United Kingdom can now send up to £50,000 via their
smartphones from wu.com
or the Western
Union® mobile app, funded from accounts directly into bank accounts
in many countries around the world.

Over the last few years, Western Union has undergone a dramatic digital
transformation, driving a multi-layer digital strategy allowing
customers to begin their transactions on mobile – via app or web
browser. Today, Western Union’s digital business has seen continued
double-digit growth, and now 70 percent of digital transactions
originate on mobile devices.

The company’s boosted investments in real-time compliance controls and
expansion of its bank payout network to billions of accounts now allows
consumers to send high-value money transfers, commencing in the U.K.
with other major money-sending countries to follow.

“With this launch, we have added one more milestone in our quest to
serve the diverse money transfer needs of our customers – many of whom
are global citizens with assets and holdings in multiple countries,”
said Graham Baker, U.K. Country Head Global Money Transfer, Western
Union.

“The opportunity to send £50,000 per transaction, 24/7, around the
world, enables our customers representing a mix of affluent expats and
natives, to send money in larger values with confidence. They send money
between their bank accounts across countries for high-value purchases
such as real estate, or financial payments such as mortgages or
investments,” he said.

Western Union’s annual global digital revenue was over $400 million in
2017 – larger than many of the digital start-ups in the space. The
company’s digital growth continued to be strong, with 22 percent wu.com
revenue growth in quarter two, this year. In the same quarter, about 30
percent of the wu.com principal moved globally was delivered into
accounts.

“On top of our existing digital offerings for global business customers,
we have custom built our digital account-to-account service drawing from
our fast-growing global account payout network. Now our money transfer
customers can also connect to billions of accounts in more than 70
countries and this will continue to accelerate,” said Jean Claude Farah,
President, Global Payments, Western Union.

Western Union’s global account payout network connects to local banks,
national payment settlement switches, third-party payment processors as
well as mobile wallets, prepaid and other card connections.

Western Union serves more than 150 million consumer-to-consumer and
business-to-business customers whether they are sending or receiving
money using web, apps, accounts, mobile wallets or retail, every year,
to more than 200 countries and territories.

In the U.K., more than USD $26 billion was sent in person-to-person
transfers to the rest of the world in 20171, according to the
World Bank, with more than 60 percent of those funds directed into bank
accounts. More than USD $13 billion of these funds were sent to a mix of
developed and emerging nations – led largely by Nigeria and India and
closely followed by France, Germany, Pakistan, Poland and China.

Western Union has been operating in the U.K. for 30 years and in 2017,
moved money into more than 200 countries and territories.

About Western Union’s Cross-Border Platform

Western Union’s cross-border, cross-currency platform – including a
robust digital footprint, settlement, treasury and compliance
infrastructure, and a vast global network of over half a million
locations, billions of consumer accounts and mobile wallets – sets the
standard for international money movement. With locations in more than
200 countries and territories, Western Union’s platform processed an
average of 32 transactions every second and moved $300 billion across
130 currencies in 2017.

Connecting the digital and physical worlds of money, Western Union’s
technology stack, APIs, foreign exchange and settlement engine, agent
network, anti-money laundering and fraud detection capabilities make it
one of the largest digital and physical money movers for consumers and
businesses around the globe.

The Western Union Company is a global leader in cross-border,
cross-currency money movement. Our omnichannel platform connects the
digital and physical worlds and makes it possible for consumers and
businesses to send and receive money and make payments with speed, ease
and reliability. As of June 30, 2018, our network included over 550,000
retail agent locations offering Western Union, Vigo or Orlandi Valuta
branded services in more than 200 countries and territories, with the
capability to send money to billions of accounts. Additionally,
westernunion.com, our fastest growing channel in 2017, is available in
45 countries and territories to move money around the world. In 2017, we
moved over $300 billion in principal in nearly 130 currencies and
processed 32 transactions every second across all our services. With our
global reach, Western Union moves money for better, connecting family,
friends and businesses to enable financial inclusion and support
economic growth. For more information, visit www.westernunion.com.